The Rs 7,000 crore-follow on public offering (FPO) by state-owned PowerGrid Corporation saw good response on day one. As per provisional figures on stock exchanges website, the issue received nearly 69 per cent subscription, with category meant for institutional investors already oversubscribing.
PowerGrid is selling about 787 million shares through the FPO in a price band between Rs 85 and Rs 90 per share. The issue closes on December 5 for institutional and high networth investors and on December 6 for retail investors.
The company is offering a discount of Rs 4.5 to retail investors and employees.Shares of the company on Tuesday ended at Rs 93.75, up 0.16 per cent on the NSE.
